LONDON (ICIS)--Phillips 66 is to divest its specialty products pipeline flow improver business to Berkshire Hathaway in a share capital exchange deal, the US energy and refining firm said late on Monday.

The transaction involves Phillips 66 receiving shares of its common stock currently held by Berkshire Hathaway in exchange for the share capital of Phillips Specialty Products, its wholly-owned subsidiary.

“The specific number of shares will be determined by the share price at deal closing,” Phillips 66 said in a statement.